Cornercap Investment Counsel Inc. Has $1.87 Million Position in AbbVie Inc. (NYSE:ABBV)

Cornercap Investment Counsel Inc. cut its position in AbbVie Inc. (NYSE:ABBV) by 1.2% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,920 shares of the company’s stock after selling 108 shares during the quarter. AbbVie accounts for about 1.0% of Cornercap Investment Counsel Inc.’s portfolio, making the stock its 16th largest holding. Cornercap Investment Counsel Inc.’s holdings in AbbVie were worth $1,869,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. EnRich Financial Partners LLC grew its holdings in shares of AbbVie by 196.4% during the 4th quarter. EnRich Financial Partners LLC now owns 166 shares of the company’s stock valued at $29,000 after purchasing an additional 110 shares during the last quarter. Abound Financial LLC bought a new stake in shares of AbbVie during the 1st quarter valued at approximately $30,000. Prudent Man Investment Management Inc. bought a new stake in shares of AbbVie during the 4th quarter valued at approximately $32,000. Siemens Fonds Invest GmbH grew its holdings in shares of AbbVie by 197.6% during the 4th quarter. Siemens Fonds Invest GmbH now owns 179,440 shares of the company’s stock valued at $32,000 after purchasing an additional 119,141 shares during the last quarter. Finally, Pinney & Scofield Inc. bought a new stake in shares of AbbVie during the 4th quarter valued at approximately $36,000. 70.23% of the stock is currently owned by institutional investors and hedge funds.

AbbVie Stock Down 0.5%

Shares of NYSE ABBV opened at $191.54 on Tuesday. The company has a market capitalization of $338.33 billion, a P/E ratio of 81.50, a price-to-earnings-growth ratio of 1.28 and a beta of 0.48. AbbVie Inc. has a 52-week low of $163.81 and a 52-week high of $218.66. The company has a debt-to-equity ratio of 44.14, a quick ratio of 0.64 and a current ratio of 0.76. The company’s 50 day moving average price is $186.92 and its 200-day moving average price is $189.21.

AbbVie (NYSE:ABBV) last issued its quarterly earnings results on Friday, April 25th. The company reported $2.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.40 by $0.06. The firm had revenue of $13.34 billion for the quarter, compared to the consensus estimate of $12.91 billion. AbbVie had a net margin of 7.31% and a return on equity of 412.03%. The company’s revenue for the quarter was up 8.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.31 EPS. Equities analysts forecast that AbbVie Inc. will post 12.31 earnings per share for the current year.

AbbVie Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Tuesday, July 15th will be given a dividend of $1.64 per share. The ex-dividend date is Tuesday, July 15th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.42%. AbbVie’s payout ratio is presently 279.15%.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Evercore ISI lifted their price target on shares of AbbVie from $204.00 to $205.00 and gave the company an “outperform” rating in a report on Monday, April 28th. Wall Street Zen lowered shares of AbbVie from a “strong-buy” rating to a “buy” rating in a report on Thursday, May 22nd. Morgan Stanley lifted their price target on shares of AbbVie from $241.00 to $250.00 and gave the company an “overweight” rating in a report on Monday, April 28th. Erste Group Bank raised shares of AbbVie to a “strong-buy” rating in a report on Monday, March 17th. Finally, The Goldman Sachs Group reissued a “neutral” rating and set a $194.00 target price on shares of AbbVie in a report on Tuesday, April 8th. Eight equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and three have assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $211.29.

AbbVie Company Profile

AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals worldwide. The company offers Humira, an injection for autoimmune and intestinal Behçet's diseases, and pyoderma gangrenosum; Skyrizi to treat moderate to severe plaque psoriasis, psoriatic disease, and Crohn's disease; Rinvoq to treat rheumatoid and psoriatic arthritis, ankylosing spondylitis, atopic dermatitis, axial spondyloarthropathy, ulcerative colitis, and Crohn's disease; Imbruvica for the treatment of adult patients with blood cancers; Epkinly to treat lymphoma; Elahere to treat cancer; and Venclexta/Venclyxto to treat blood cancers.